Last year, I booted the Fundsmith Equity fund out of my ISA and Self-Invested Personal Pension (SIPP) accounts. I dumped it because performance was poor and I felt that fund manager Terry Smith was ignoring some big trends in the market.

In hindsight, selling was the right move as it’s continued to underperform the market. For the first half of 2026, for example, it returned -2.9% versus +11.2% for the MSCI World index.